{
  "id": 10963542,
  "title": "Panama commission urges orderly closure of First Quantum’s Cobre mine",
  "url": "https://urgent.news/2026/09/30/panama-commission-urges-orderly-closure-of-first-quantums-cobre-mine",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-30T13:14:00.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/panama-commission-urges-orderly-closure-of-first-quantums-cobre-mine/"
  },
  "original_language": "en",
  "account": "A Panamanian government commission has advised President José Raúl Mulino to oversee the orderly shutdown of First Quantum Minerals’ Cobre Panama mine, overturning earlier hopes of reviving the operation. The three-member commission presented its findings to Mulino on Wednesday after examining the mine’s audit, conducted by Swiss consultants, and analyzing its economic, environmental, and legal consequences. While the decision ultimately lies with the president, Economy and Finance Minister Felipe Chapman argued in favor of a phased closure, emphasizing that Panama should not shoulder the financial burden. The commission’s proposal considers the impact of the shutdown alongside the operation’s legal and environmental challenges. The interministerial commission’s recommendations stem from visits to nearby communities, including Donoso, Omar Torrijos Herrera, and La Pintada, where officials met with workers, authorities, and suppliers. First Quantum declined to comment immediately but confirmed it was preparing a response to the commission’s proposal. The recommendation marks a notable shift in discussions surrounding the Cobre Panama mine, which once produced nearly 1.5% of global copper and contributed about 5% of Panama’s GDP in 2023. The mine's closure has had severe economic repercussions, eliminating around 36,000 jobs and causing a loss of nearly $1.4 billion in taxes and royalties, according to a government report from September. Environment Minister Juan Carlos Navarro contends the mine's construction should never have occurred, labeling the closure process as an inherited issue from the previous administration. Cobre Panama was First Quantum’s primary revenue source, contributing roughly 40% of the company’s earnings before its shutdown. The mine's operation ceased following nationwide protests over environmental issues and the legitimacy of the mining concession. The nation's Supreme Court declared the law authorizing the concession contract unconstitutional in November 2023, leading the government to halt copper extraction and processing. First Quantum subsequently resumed processing previously mined stockpiled ore with government approval, an activity that does not constitute reopening the mine for new extraction. The company initiated the stockpile program during the second quarter and anticipates producing 30,000 to 40,000 tonnes of copper from the stockpiled material this year. Panamanian authorities argue that processing the material can mitigate environmental risks posed by leaving mineralized ore exposed to rainfall. President Mulino now faces the decision of whether to endorse the commission’s recommendation and embark on a permanent closure plan, determining the fate of the mine that once played a pivotal role in both First Quantum’s finances and Panama’s economy.",
  "summary": "Ministers advise President Mulino to wind down the copper operation while shielding Panama from the financial burden of closure.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Bloomberg",
        "title": "Panama Panel Backs First Quantum Mine Restart to Fund ‘Closure’",
        "url": "https://urgent.news/2026/09/30/panama-panel-backs-first-quantum-mine-restart-to-fund-closure",
        "published": "2026-09-30T14:25:16.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}